Publications and Research

ERRATA

Two corrections have been made to this version. In the Developments and Trends section, the Chart 14 on page 10 has been revised as has the Chart in Box 5 on page 20, together with the last line of text in the box.

Foreword

Developments and Trends

• Introduction
• Highlighted Issues
• The Macrofinancial Environment
• The Financial System

Report

• Systemic Risk, Designation, and the ACSS
  by Carol Ann Northcott

Policy and Infrastructure Developments

• Introduction
• The CLS Bank: Managing Risk in Foreign Exchange Settlements
  by Paul Miller and Carol Ann Northcott
• The Impact of Participant Outages on Canada's Large Value Transfer System
  by Kim McPhail and David Senger
• Understanding Intraday Payment Flows in the Large Value Transfer System
  by Lindsay Cheung

Research Summaries

• Introduction
• The Financial Services Sector: An Update on Recent Developments
  by Charles Freedman and Clyde Goodlet
• Canadian Foreign Exchange Market Liquidity and Exchange Rate Dynamics
  by Chris D'Souza
• Financial Structure and Economic Growth: A Non-Technical Survey
  by Veronika Dolar and Césaire Meh
• Banking Crises and Contagion: Empirical Evidence
  by Eric Santor